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Class 2 National Insurance Contributions

Source: HM Revenue & Customs | | 16/04/2015

The CA8480 form to apply for a refund of Class 2 NICs has recently been updated. Taxpayers might use this form if they paid too much Class 2 NICs, shouldn’t have paid Class 2 NICs or if they qualified for the small earnings exception.

Class 2 National Insurance Contributions (NICs) are paid by all self-employed taxpayers unless they qualify for the small earnings exception or other exemptions which remove the necessity to pay NICs. Class 2 NICs are payable at a flat weekly rate currently, £2.80. Class 2 NICs count towards payments such as the basic State Pension, the employment and support allowance, maternity allowance and bereavement benefits.

Since April 2015, the way Class 2 NICs are collected has changed. Previously, payments for Class 2 NICs become due six-monthly or could be paid monthly or quarterly by direct debit. All of these payment options will no longer be available after July 2015 when the last payments relating to 2014-15 will become due.

Going forward, the collection of Class 2 NICs for 2015-16 will be aligned through Self Assessment with Income Tax and Class 4 NICs. The first payment relating to 2015-16 will become due on 31 January 2017.

 

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McAllisters is a partnership trading from Paxton House, 11 Woodside Crescent, Glasgow providing accountancy and tax services and general business advice and is a member of ICAS (Registration No 0342) and an FCA exempt professional firm (No 301235). Its VAT number is 261 3019 94

McAllisters (Scotland) Ltd is a related business providing tax and business advisory services to McAllisters and its clients. McAllisters (Scotland) Ltd is registered in Scotland (Registration number SC146856). Its VAT number is 624 0564 62.

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